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the u.s. economy and the fed's role in monetary policy. he called on congress to raise the debt ceiling in the release of u.s. can pay its bills. he spoke at the gerald ford school of public policy. >> thank you very much. it is also my great pleasure to welcome all of you here today. on behalf of the gerald r. ford school of public policy, the university of michigan is extremely honored to welcome the hon. ben bernanke, chairman of the board of governors of the federal reserve system. today's conversation is the latest in our series of distinguished lectures, policy talks at the fort school. we're so pleased that region white can introduce to the events and we're also very president marye sue: here today as well as -- we also have several of the university's executive officers and beans. i would like to welcome all of them and thank them for joining us today. it is an honor and truly personal pleasure to introduce our next guest. the fed's charges to provide a healthy economy. this is a complex and critically important mission and it makes the person at its helm one of if not the most
can't wait to see. and you -- you are the only critic that matters. obama's economy, the sequel, crafting a legacy. you remember the original. the president inherits the worst economy since the great depression. billions in bailouts save the auto industry and stabilize wall street. where are the jobs? but the star of this show has his enemies, millions of americans turn to the tea party. their mission? stop this president from making fundamental changes, changes they see permanently damaging the u.s. economy. gridlock follows. and the 112th congress passes the fewest bills in 40 years. but in the end, its congressional approval that plunges, now standing at just 14%. the president insisted on higher taxes for the wealthy. part of his campaign designed to cast mitt romney as out of touch. his victory sealed, this president will have a sequel. >> for the united states of america, the best is yet to come. >> the original was a drama. but what the sequel needs is action. to it craft a legacy, this president must bring lawmakers together. cliff after cliff, short-term thinking and po
pockets, but we may be losing our competitive edge. some say it's because america's fragile economy is a distraction for corporate america. others point to our inferior infrastructure and sub-par public education. but adam segal, author of "advantage," says the big problem is others are gaining ground. >> we have been kind of running in place for the last three or four years because of the recession, spending on r&d, and big ideas seem to be fairly scarce while china just continues to funnel more and more money into it. >> reporter: still many argue the u.s. will always be extremely competitive because we are the most innovative country in the world. what better place to witness innovation at work than at i.b.m. in westchester county, new york. this is the home of watson, big blue's super computer. watson was clever enough to beat "jeopardy" champions at their own game just a few years ago. now, i.b.m. researchers are working on new uses for the brainiac computer, particularly in the field of medicine. bernie meyerson calls himself i.b.m.'s head geek. he says innovation is critical
hours trading. that tells me that the economy is doing better. what is your take? >> i think the economy is more mixed. it seems to me, google hot today and obviously a great tech story and also an advertising tostory. friday, general electric. kind of told us that world economic expectations might be better. is the world better? >> i think it is possible that the eearnings are going to be better. if you look at the bottom of estimates, they were $114 for the s&p -- i'm sorry $120 they are coming down. we suspect they are going to continue to come down. we suspect the corporate earnings are going to come down. i want to add economic stuff to this. today, existing home sales 12.8% above a year ago. existing home sale prices plus 11%. that is progress it was falling at 4%. last week, manufacturing up, capitol goods up. are he ewe estimating the econo? >> clients are asking me about upside risk. nobody is asking about upside risk. i think the question is, is it in the price already. >> all related to the housing ready. for, the fed is easy. we all know the fed is easy because it has a feder
in a global cloueconomy. it has altered local economies because so many manufacturing and technology jobs are moving, whether it is a matter of costs for going where the trained work force is. we're fortunate to have to governors here to talk about how that change affects their jobs and what they're doing to jump- start their economies which compete with one another. this could be fun. let me start with our guest. governor hickenlooper. i knew that was going to happen. most of us here are pretty much aware of california's budget crisis. can you give us a quick briefing on where colorado is and what you are trying to do to turn things around? >> our budget is just as dressed as almost every state in the country. we have been working trying to control costs, get our pension funds in line, our state employees have not had a raise in four years. it has been difficult all the way around. the real challenge has been to try and turn public sentiment and get people to recognize it without a strong economy. it will not solve any of these problems. we have been relentless in what we did, the bottom
to do is have that take place when the republican position on the debt takes the economy hostage. that is off the table. i think the president is smart to be firm and clear on that. next time it would be democrats if we had a republican president. ashley: would you agree, i know it is out of your area, but the senate has not passed a budget in four years now. would you agree with republicans that it is not the way to go and i could, in fact, be breaking the law without i do agree with them. we actually have not passed the budget. i am with them on this concern about our inability to actually do the basic work that a legislature must do. ashley: i know bernanke, timothy geithner, rating agencies and many more states what is the point of a debt ceiling? we routinely raise it anyway. what is the purpose? >> there is no purpose. the debt ceiling has become a device for fiscal irresponsibility. republicans and democrats both dated. senator obama voted against the debt ceiling increase. if we have this credit downgrade, and we had a credit downgrade, as you know, last august. we have t
on the global stage. what we need are people prepared for the careers of our new economy. by 2025 we could have 20 million jobs without enough college graduates to fill them. that's why at devry university, we're teaming up with companies like cisco to help make sure everyone is ready with the know-how we need for a new tomorrow. [ male announcer ] make sure america's ready. make sure you're ready. at devry.edu/knowhow. ♪ at devry.edu/knowhow. itbut sleep train's huge foyear eends sunday. salels, get beautyrest, posturepedic, even tempur-pedic mattress sets at low clearance prices. save even more on floor samples, demonstrators, and closeout inventory. plus, free same-day delivery, set-up, and removal of your old set. don't wait, sleep train's year end clearance sale ends sunday. superior service, best selection, lowest price, guaranteed. ♪ sleep train ♪ your ticket to a better night's sleep ♪ >> neil: all right. in the middle of earnings season, we don't give you every one, but we try to give you the ones that are cons quential or meaningful, google is considered such a barometer for t
's stories. the big one, china aes economy rebounding in the final quarter of to 12. growth to 7.9%, up from 7.4% the appreciate quarter. economists do caution, though, that a chinese recovery is likely to be gradual and weak to drive a global rebound without improvement in the u.s. and europe. also, the fate of dozens of hostages in algeria is still unknown. the algerian military stormed a gas field where the workers were being held. six people if not more are believed to have been killed. >>> a team of experts from boeing and the aviation experts are arriving in japan today. today the japan transportation safety board released a picture of the battery. they said the battery was blackened and carbonized, had a bulge in the middle and weighed 11 pounds less than normal. >>> and the interview everybody is talking about, i stayed up late to watch it, lance armstrong telling oprah that he cheated. >> in all seven of your tour de france victories, did you ever take banned substances or blood dope? >> yes. i view the situation as one big lie that i've repeated a lot of times. i'll spend the rest
as well as the global economy. according to rex macy it is. he thinks there's a good chance that risk fears will rise and, therefore, the market will pull back. will that be the moment for investors to get in. good to see you, gentlemen. thanks so much for joining us. what are you expecting in terms of this market 2013? >> sure. well, right now we're at 1472 on the s&p. we think it's going to go marginally higher from here, but it's not going to be a smooth ride. we've got a vix at 13 and change. that's too low. that's where the complacency comes from. you see it there. as we move into the debt ceiling debate, it can be far harder to solve than the taxes, we think the market can be down for a while, and before it comes back up. >> so you're looking for a decline, and perhaps that is an entry point for some. do you agree with that? >> i think any decline is an opportunity to buy, maria. i'm very, very bullish on u.s. equities and one of the main reasons i am the u.s. energy story which i think is a story that's not being told as well as it should be. in 2012 the u.s. oil production was
can be we are going to talk about silicon valley and the bay area innovation to the economy today. as you look at the panel, talking about the silicon valley, we have the mayor of san francisco. it will come into perspective, that when you have a giant like ibm anchor here in the valley, you are seeing in between companies like google and apple and facebook with incredible growth. in san francisco, mayor lee has welcomed to the fold in twitter, zynga, companies that are into cloud computing, hiring lots of people that not only want to live and work in the valley but recognize san francisco as being part of the valley. we are, indeed, fortunate, from san jose to san francisco, to be part of the innovation economy. we are finally seeing once again california's innovation is leading us out of the last three years of recession. i do not know about you but i am pretty tired of the recession. i made a statement several years ago that it was about time for an adjustment to the economy, things were too expensive, overheated. two years after that, i regretted making that comment. it was gr
believes that's going to be the major thing to turn around the japanese economy. cheryl: i mean it's almost a currency war, if you will. i mean they are getting into a very crowded space, and with the pressure that we have seen in particular on the dollar, over the last two years, i mean, i'm wondering what that means for us. >> absolutely. they are starting to step on the toes of the fed. you know, the fed has been really priming the pump here, printing money, printing money in efforts to keep the dollar as weak as possible in this risk off type scenario market. so now some of these other central banks are now starting to fight back a bit, and the bank of japan has probably been the most aggressive in doing so with some of the easing that they have already done. cheryl: do you think they will do more easing? is that what you think is going to be the headline here? >> we have pretty much baked into the cake that they will be raising the inflation target to 2% from 1%. they are probably going to extend their asset purchases. they're really talking about different measures to dramatically wea
to make the world economy more green. that's $14 trillion. joining me now, the heritage foundation who focuses on energy, environmental regulatory issues. i have to tell you, you have to hear what they say. the former mexican president talking about the goal here. economic growth and sustainability are interdependent. you cannot have one without the other. what do you say? >> well, if that is the case what we need to subsidize it with taxpayer dollars? if this is such a profitable idea, if the green energy market is a multitrillion-dollar economy, then let the ceos and venture-capital this figure that out. while this been a your money in my money? it makes economic sense. this culture of promoting these ideas with government capitol only creates government welfare or corporate welfare and creates corporate dependence. gerri: companies that fail as we talked about some many times in the show. whether you're talking about solyndra or a number of others that our government financed. you would think that maybe these are just wacked-out the trees coming of the wild ideas. and back, this gre
talking about it, investors should be focused on making money in the economy and corporate profits are healthy enough to do that. joining us now, start with this. why can you possibly say don't worry about washington because long-term interest rates go up, stocks will not be undervalued, they will not be cheap and that could hurt the stock market. >> this is a great point you are making, but we put, believe it or not, a 5% 10-year treasury yield into our stock market model. we are assuming interest rates soar from here. and stocks are still undervalued today. we can take a lot higher long-term interest rates put my real point about this is if we go back a few years, the first fiscal cliff, the 2010 tax cuts were going to end. the first debate over the downgrade. all of those things happened, and yet the market kept going up. same with the fiscal cliff this time, and i believe people are overly concerned about a lot of the things that are happening around the world. the economy continues to grow, the stock market is really cheap, and that is what investors should focus on. if you go
with their best strategy and the outcome for both the market and the economy. don't go anywhere. more "money" coming up. ♪ twins. i didn't see them coming. i have obligations. cute obligations, but obligations. i need to rethink the core of my portfolio. what i really need is sleep. introducing the ishares re, building blocks for the heart of your portfolio. find out why 9 out of 10 large professional investors choose ishares for their etfs. ishares by blackrock. call 1-800-ishares for a prospectus which includes investment objectives, risks, charges and expenses. read and consider it carefully before investing. risk includes possible loss of principal. lori: all right. back to business in washington now republicans hold a big vote to whether or not to extend the debt limit until may. if congress doesn't pass a budget by april 15th they no longer get paid! i have no problem with that. our panel is here with their take on the strategy. we have our favorite economist, peter morici. the always amazing scott martin, chief market strategist with united advisors and former democratic congressman
on the economy and that, but not at the expense of social security, medicare, and medicaid >> we, the people, still believe that every citizen deserves a basic measure of security and dignity. we must make the hard choices to reduce the cost of health care and the size of our deficit. but we reject the belief that america must choose between caring for the generation that built this country and investing in the generation that will build its future. lori: the president giving his second inaugural address this morning. rich edson now joining us from washington d.c., and that was certainly a politically partisan address we heard from the president. >> reporter: well, it was a defense of the political theory, awaited the u.s. should be governed and should govern itself. i would almost characterize it as something along the lines of a response to what we heard from president reagan in 1981 when he said government is not the solution to our problems, it is the problem. president obama making the case that the government is not necessarily our problem. together we could do great things. together w
to a better economy. keys to your house, a new house hopefully. connell: let's talk about the markets. nicole petallides starts us off as she does each day with stocks now. nicole: taking a look at a market that really has shown strength over the last seven of the past nine weeks. the dow trading as high as 13,682 prior to pulling back here into negative territory. we are seeing multi- year highs. while they see the trend to the upside, they rally to resist it levels. i wanted to take a look. it was lower in the free market. the cfo, chief financial officer, gave an outlook for 2013. it is now trading higher on this conference call. their wireless margins took a jump. a good outlook. back to you. dagen: thank you. congress is heading back to work just one day after president asked both parties to come together and stand behind his visions. connell: house republicans may be less than willing to join him. rich: so is the bipartisan goodwill. the effects of the inauguration starting to disappear a bit from washington. some tourists remaining in town. we expect them to drop the same lines we have
appropriate levers and can drive productivity throughout the entire economy, the two we're focused on are what we call the power platform, the energy grid needs to be redone, and the knowledge platform. we don't -- we need to do some work on the networks, which is to say broadband, but it's really about how do we apply it? how do we deliver band width that can change education, change health care, change all government services, we get faster, cheaper, better, the same phenomenon on our phones and in our networks, we want to see in public goods and services like education and health care. >> host: mr. levin, how important is speed when it comes to improving our economy? >> guest: depends on a variety of different uses. for example in medicine, we're now moving to a place where we can have wireless sensors improve medicine and that's great. but business uses and other thing things, cameras, geneomic medicine, there's faster networks, president clinton was was dell and he said we can't expect our businesses to compete internationally if they only have access the speed of korea, and he is absolut
the importance of the other nine to five economy. the impact of all that you do has an impact on our job situation and local economy, and to highlight all of the great work that we can do together to ensure that the sectors that you all represent, the sectors that you work for, that you employ people for connaught is one of the greatest sectors in san francisco. i hope we will take the opportunity of the america's cup to showcase our clubs, our restaurants, our nightlife events. as someone who represents the broadaway neighborhood, an area of town that i used to spend a lot of time in when i was in my 20's -- but actually, very few locals take the time to head to the beach on broadway. our neighborhoods are coming together to say that broadway is open to the rest of the world as well as san francisco. i want to put san francisco back on the map when it comes to music. to make sure that we have the type of entertainment that we used to be renowned for. and those of you that work in our bars and clubs, i want to make sure that we are trading the kind of destinations that we look forward to
's. one that is falling behind; and an economy that is growing. it we are looking at 40 percent of the juniors not ready to graduate in a years time, that is a serious problem that we need to address. i believe that these folks -- that is part of the generation that will not be successful in our local economy and we have to make sure that we are supporting san franciscans in this way, making sure people have the skills in the background to get jobs in the future and if we are not successful here we know that they will fall behind the cracks. it's really a no-brainer. we have a lot of wealth in the city. not everybody shares it equally and this is one way we can remedy that. colleagues i hope that you can support the supplemental. >> supervisor wiener. >> supervisor wiener: my position is the same as it was in december when we voted on this. i won't repeat all of those reasons. although the fiscal cliff catastrophe was avoided at least for the moment we still have significant risks at the state and federal level and i am not comfortable appropriating from our arguably inadequa
in the united states doesn't have a lot of influence on the economy, but the tax hike on the working men and women, 120 million people, that 2% payroll tax is a killer, and that is all consumption of some. people spend the mone money thet have it, they reach into savings. that was a mistake, it was bad policy. i took growth down in the u.s. by half a point. lori: and you are telling us the economy has all the potential to break out. how much o ahead when will this fiscal policy have? is there any way to recoup it? any offsetting factor? >> unless washington changes its behavior. which is not likely. then the answer is no. we have this gradual recovery. it looks all right over time, has good pieces to it, energy, housing, the banking sector actually may be getting better. lori: must be a mistake on our washington leaders, what if they can achieve a grand bargain, get entitlement reform and we can sustain this debt to gdp level for the time being we can get to underlining measures. >> it would be a glorious outcome. lori: are you optimistic at all it will happen? >> i would like it to happ
the country faces which is getting our economy going. >> sean: i like what our colleague charles krauthammer said it's an ode to big government and you pointed out in the list, gun control, gay marriage, global warming, he not only wants to lock in every liberal agenda item, but advance it further. will he be successful? second term are notoriously not successful. >> let's add global climate warming on her, climate change. we've already passed this through the congress. it's done. is congress going to pass it? is congress going to tell the states, no, you can't put that past voter i.d. laws? only in it's bipartisan doesn't require amnesty and citizenship. gun control passed, no. i think the president was basically declaring his administration is no longer substantive achievement. it's make the democratic party and making the republicans look more extreme. taking their strength to pass positive items that pile up over in the senate never to be really considered, but give them an agenda, a view that says to the american people he's over there worried about gun control. we're worried about gett
and the health of the u.s. economy as hostages. >> they will not collect our ransom in exchange for crashing the american economy. the financial well-being of the american people is not leveraged to be used. the full faith and credit of the united states of america is not a bargaining chip. and they better choose quickly because time is running short. >> now, house speaker john boehner responded quickly saying house republicans will do the right thing. they will be responsible, they will meet america's obligations and make sure the government does not shut down. he tried to take that specter off the table. but this is a very tough fight that's getting more and more problematic, larry, because the president said he's going to break the habit of crisis-driven fiscal negotiations. if he's going to succeed in that, somebody is going to have to break and it may have to be soon because treasury secretary geithner said this afternoon we could hit the debt ceiling and exhaust all the extraordinary measures he's been taking as soon as one month from now. >> you know, john, 2010, 2011, the 2012 he neg
, the biggest challenge awaiting our new president was economy and free fall and big achievement for the auto industry and bringing the economy back from the brink. with unemployment where it was after republicans have the white house dragged out in debates like marginal interest rates and crises like the debt ceiling, we are left wondering, when it comes to the economy can the president do big things? washington post columnist ezra klein is an msnbc policy analyst and editor for "the washington post." hi, e.j. and rezra. nice to be in d.c. and be with you guys. are there big things left to do on the economy or are we twin kerring with the tax code? >> we are going to be blinding out a series of big things. this is going to be the tough thing about it. in the first term, what you have is big things that eventually over a long period of time happen at once. president obama sat down, page and protection act into law and health care reform was done. when we look at deficit reduction, it's four or five deals, each one in endless, horrible slog through the d.c. marshes. in the second term the two
, in immigration reform and, above all, in what we have to do to invest to grow our economy and grow opportunity. >> pelley: you know, i don't think gun safety would have been at the top of the president's agenda two months ago but after newtown, of course, it has become -- >> it's impossible to turn away from it now. it's impossible. >> pelley: which leads to the question: what do you expect to see from the president in terms of resolve on this as we get farther from the tragedy itself? >> well, i think you saw in the president's announcement, i think it was last week after the vice president's series of recommendations, what the contours of his proposal will be in terms of an assault weapons ban, a limitation on access to military style clips with multiple rounds in them. i think he's shown consistently a willingness to reach out to gun owners, sports men and women and hunters to make sure their interests are respected, consistent not just with the second amendment but consistent with their reasonable interests. but i think the idea of insisting that we do what we can as a federal and as state
market economy and grow the business in a slow growth world economy. again, reflecting slow growth overall. i think they had strong numbers when it came to agency. some of those numbers up by 18%. volume was driven by agriculture with robust tales in latin america and a strong selling to the north american selling season along with increases in asia pacific for performance materials, electronics and communications and performance chemicals. >> the stock was higher a year and a half ago or so. but in terms of the last year, it's getting -- it's sort of the in the mid point of the trend. coming back, at least trying to get back to where it was earlier. all-time highs are at about 58. >> in corporate headlines, more developments in the boeing story. there are indications now that the dream liner could stay grounded longer than initially anticipated. investigators turning to the maker of the lithium ion batteries that are used in the planes. that is gsyausa. investigators visited the batterymaker yesterday. shares of boeing have started getting to the low end of the range after some ch
spend on everything from education to public safety less as a share of the economy that has been true for a generation. that is not a recipe for growth. we have to do more to stabilize the finances over the medium and long-term, and also spur more growth in the short term. i have said i am hoping to making modest adjustments to programs like medicare to protect them for future generations. i also said we need more revenue for tax reform by closing loopholes for the wealthiest americans. if we combine a balanced package of savings from spending on health care and revenues from closing loopholes, we consult the deficit issue without sacrificing our investments in things like education that are going to help us grow. it turns out the american people agree with me. they listened to an entire year's debate over this issue, and they made a clear decision about the approach they prefer. they do not think it is fair to ask a senior to pay more for his or her health care or a scientist to shut down like that saving research so that a multi millionaire investor can take less in tax rates then a
could hurt the u.s. economy. >> susie: and from chipotle to dunkin' donuts, did fast food chains meet investors' appetites for big returns? we're talking food stocks. >> tom: that and more tonight on "n.b.r."! >> tom: we begin with banking. two giant financial powerhouses reported big gains in fourth quarter earnings today. j.p. morgan chase booked its third straight year of record profits. and goldman sachs reported fourth quarter earnings that were almost triple the same period a week ago. erika miller reports. >> reporter: before we get to jp morgan's profits, let's talk about the earnings of it's c.e.o., jamie dimon. the board cut his pay in half as punishment for a more than $6 billion loss at j.p. morgan's london trading desk. but dimon will still pocket a $10 million bonus. add on $1.5 million in salary, and his total compensation was $11.5 million last year. >> we don't think it's inappropriate, what the board did. butt the end of the day jamie dimon is stl doing pretty well for himself. he's not exactly living out of a refrigerator box on park avenue. >> reporter: at the same
sensitive to the economy commodity in the world. ip took out a lot of capacity. ip is a genius. this company's had an unmitigated run. capacity's constrained, prices going up, 95% of capacity. that is like -- you can put the price increase after price increase, that says the economy is much stronger than expected. this is the first commodity to raise prices big when things get better. they're raising prices consistently. very bullish. >> that is a great, great tell. still more to come this morning. get ready for an ipo hat trick, sunco energy partners, norwegian cruise lines, all making their debuts this morning. stick around to see how they open for trading. the opening bell is just a few minutes away. what are you doing? nothing. are you stealing our daughter's school supplies and taking them to work? no, i was just looking for my stapler and my... this thing. i save money by using fedex ground and buy my own supplies. that's a great idea. i'm going to go... we got clients in today. [ male announcer ] save on ground shipping at fedex office. ♪ [ indistinct shouting ] [ male announcer ] t
. we need to reform the system for the economy and for american families. >> and what she told me is this is a real imperative. what's new, it also is now an imperative for republicans. the election results from last november made clear the republican party needs a message for latino, asian-americans and immigrant groups if they have any chance of recapturing the white house. >> scott, this is carla marinucci. what's your thoughts on this? we've seen paul ryan, marco rubio extend a hand to president obama so to speak and suggest they are ready to talk about immigration reform. what's the biggest hurdle here? >> well, i think the biggest hurdle in the end is going to be politics, of course, but the issue of citizenship. what marco rubio outlined this week and last weekend is very close to what president obama talked about in 2011. and so i think that will provide some cover for other republicans. when you've got someone like marco rubio, a rising star in the party, paul ryan, saying we're ready to do a deal here, but the devil is in the details as they always say. democrats feel ve
in part, difference to the sluggish economy and the challenges that the nation faces and the crowds will be smaller. george h.w. bush and george w. bush won't be here. there have been pres debts where presidents in the past haven't made it. george h.w. bush just got out hospital, which is why they won't be here. mitt romney won't be here. the last time a vanquished opponent didn't show up was in 1985 for ronald reagan, and walter mondale was a no-show. that was the last time that the 20th state fell on a sunday and they had to do the monday as i rememberrial, versus another day. and back in those days, it was the coldest one on record, 7 degrees. there will be differences between the obama 2009 and 2013. four years ago, the crowd estimate was nearly 2 million people. there is a big parlor game about whether the crowd estimates on the mall are ever accurate. but nearly 2 million. now they are saying between 600- to 800,000. and there are a series of other things. and the money. four years ago, the obama administration, the obama campaign raised $53 million for the inaugural with pers
the gulf we recognize that healthy echo systems also can mean healthy economies. and from louisiana what we have taken, what we believe is a very good first effort in addressing both the vulnerability that exist with the state's master plan has which is is a long-term plan addressing the ecological but reducing the risk across the coast. we believe we can achieve a 100-year protection for the community it's the resources that important. the ecological resource that's state provides and the gulf provides to the nation that if it's going to be afforded through the nation it has to provide protection to those communities who provide that. we believe that this plan we can have sustainable long-term healthy echo systems but also healthy communities and economies. there's an essence a form of what we call social engineering. if you can't ensure the communities, the supermarkets, the schools the things that community depend on, they will not survive. we want to make sure that we're developing both a healthy echo logical system but -- we have gone a long way in first attempt. it's not perfect. we h
. beyond that, it's dependent upon the state of the economy. that's going to be a determinate factor. >> you say 18 months. you say 100 days. you're tough. >> 100 days, then we'll see. >> there's a new political article i want to go on. it says democratic senators in red states may break with the white house. part of the quote from the article reads as follows -- senior democratic senators and aides say the president must face a stark political reality even as he begins his second term as commander in chief. newly reelected and emboldened red state democrats as well as senators up for reelection in 2014 want and need to show independence from the white house. so if that's the case, how much does that affect the president's second-term agenda? >> it's a big challenge. take an issue like gun control. like joe manchin, he said he's opposed to the assault weapons ban and everything obama is doing on gun control. the president wants to get through immigration, gun control. he wants to raise taxes probably again. and the challenge on those issues is, those democrats are, the president does
for our economy. so important for our public safety. so important for emergency response as we witnessed here in the northeast of the country. and so, while the fight was long and at times, unnecessary, at least the vote was taken today and we move forward. mr. garamendi: thank you, mr. tonko. the bill now is out of this house. it's already in the senate. we expect the senate to pass it probably tomorrow or the next day. certainly before the inaugural on monday and then the president will sign it shortly thereafter. bringing that kind of relief. you mentioned the jobs issue and people need to go to work. when we have these natural disasters and we come forward with the kind of support that we have seen today and will soon be available for new jersey, new york, connecticut and the surrounding areas, people go back to work. those people that have received immediate fema support for housing, for clothing, for food, that money is immediately spent into the economy. on the infrastructure side, it's crucial when the subways of lower manhattan flooded, the world's financial institution took a w
the private and the public economy, balance between the cost and hoped for advantages, balance between the clearly necessary and the comfortably desireable, balance between our essential requirements as a nation and the duties imposed by the nation upon the individual, balance between actions of the moment and the national welfare of the future. good judgment seeks balance in progress, lack of it eventually finds imbalance and frustration. >> words of president eisenhower 52 years ago. are those words relevant today as he talked about what government can and cannot do in solving problems. that speech is still available online. and pointing out those remarks giving the country a dire warning about what he described as a threat to democratic government. he also used the phrase military industrial complex. since then that has become a rallying cry of opponents for expansion. in an effort to control the expansion of the military industrial complex the president sought to cut the pentagon's budget. he wanted a budget he said the country could afford. share your thoughts about the role you t
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